Home sales up 25% in H1 on rise in buyer confidence on Rera: Survey

Around 64,080 homes were sold in the top seven cities during the January-June period

Home sales across top seven cities in the country rose 25 per cent in the first half of 2018 on rise in consumer confidence on account of Rera implementation and stable capital values, a survey said.

Around 64,080 homes were sold in top seven cities during the January-June period, compared with 51,452 units in the year-ago period, a survey jointly conducted by builders' body Credai and property consultancy JLL.

"The growth can be attributed to returning buyers' confidence on account of implementation of Rera in most states and stable capital values that have started to show an upward bias," the survey said.

JLL India chief executive officer and country head Ramesh Nair said the significant turnaround witnessed in the first half was a much awaited boost to the residential sector.

"End user confidence in market has strengthened on account of timely completion, implementation and adherence to Rera laws, good governance leading to accountability and transparency in the system," he added.

Mumbai registered the highest sales volume totalling to over 13,600 units in H1 2018, followed closely by Bengaluru with 13,300 units.

Delhi NCR saw an year-on-year rise of 26 per cent in home sales to 10,383 units owing to rise in new launches and returning confidence in the market.

Pune, which witnessed a minor increase of two per cent in sales volume, saw 9,988 units being sold.

Kolkata recorded the highest growth in sales, with nearly three-fold rise, albeit on lower volume. Hyderabad too recorded over two-fold increase in home sales.